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shadow
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unplugged
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refurb
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Go with the name you want to be called. Formality is not an issue. You're not going to get any less respect if your name was Robert or Rob/Bob/Bobby. In terms of finding you, it will only be an issue if you continue alternating between your given and chosen names. If you just stick with your chosen name from the time you start at your business school program throughout the rest of your business career, no one will have any difficulty looking you up.
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Jerz
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Not sure if this is an option at your school, but if you tend to go by a shortened form of your name you may be able to change your email display name without changing the email address. So your email address may be [email protected], but your email will show up as "Bob Doe" in the person's inbox. A friend of mine here did that, so his email address uses William but his emails show up as Bill.
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shadow
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thanks for the valuable inputs. i opted to go with the legal name, and i'll definitely look into jerz' (jerz's?) idea about changing the display name in the inbox